If I’d like to give someone 10k. would this affect my taxable income?
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No. If you give people a lot of money, you might have to pay a federal gift tax. But the IRS also allows you to give up to $17,000 in 2023 and $18,000 in 2024 to any number of people without facing any gift taxes, and without the recipient owing any income tax on the gifts. Gift Taxes
Very helpful. Follow up
what are some ways accepted for tax purposes to document gifting 18k or less
The easiest way to document is keeping the check or bank statement. Those show proof of the transfer. You could also include it on a spreadsheet if you plan to give gifts to him regularly.
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